Chambers Investment Planners has AFSL cancelled
Perth-based Chambers Investment Partners has had its Australian financial services licence cancelled after the company failed to obtain professional indemnity insurance and entered voluntary administration.
The Australian Securities and Investments Commission (ASIC) also cancelled the Australian credit licence of Chambers after it ceased to engage in credit activities.
Chambers had been licensed to deal in, and provide advice on, financial products, including life insurance, superannuation, managed funds, securities and margin lending.
It was also authorised to provide credit services in relation to credit contracts where it was not the credit provider.
An AFS licensee that provides a financial service to retail clients is required to have arrangements in place for compensating them for loss or damage suffered because of breaches of the relevant obligations under the Corporations Act by the licensee or its representatives.
Such arrangements are subject to the requirement that the licensee (unless exempt) holds adequate professional indemnity insurance cover, ASIC stated.
Chambers has the right to appeal to the Administrative Appeals Tribunal for a review of the decision.
The regulator stated that it is conducting enquiries into the conduct of the officer and representatives of Chambers.
Recommended for you
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.